I-Bhd's Q2 net profit at RM8.5mil

PETALING JAYA: I-Bhd’s net profit for its second quarter ended June 30 dropped 56% to RM8.52mil from RM19.41mil in the previous corresponding period, while revenue fell to RM52.73mil from RM70.65mil a year earlier.

In a filing with Bursa Malaysia, the master developer of i-City said the drop in earnings was due to the lower contribution from the property development segment. “Although there is more revenue recognition due to more projects being developed this year, the profits are lower, as the property products that were developed in 2014 had better margins than the current property products.”